Farm Ireland

Tuesday 23 January 2018

€1.1m for 76ac farm near Bandon

Jim O'Brien

Jim O'Brien

A 76ac non-residential farm at Ratharoon, three miles from Bandon town, Co Cork, sold in lots at a recent, auction making a combined total of €1.155m or almost €15,200/ac.

Selling agent Ernest Forde describes the property as a top-quality roadside holding. A farmyard on the property is in need of modernisation.

Under the direction of John Hodnett, and before a packed house, the auction began when the farm was offered for sale in lots. The first, comprising 51ac, opened with a bid of €500,000 and bidding continued until the hammer fell at €725,000. The 51ac were bought in trust by Bandon solicitor, James Long.

The second portion, extending to 25ac, opened at €250,000. The hammer came down at €430,000 and the property sold to local auctioneer, Don Brennan, who was acting in trust.

Before finalising the sale, the bidding on the lots was held until the entire 76ac were offered. The entire opened at €675,000 but was withdrawn at €1,150,000, or €5,000 less than what was on offer for the combined lots.

John Hodnett was very pleased with the sale. He said he he was approached immediately after the Bandon auction by a local landowner interested in selling. The man engaged Mr Hodnett to handle the sale of a 40ac parcel adjoining the property that had just been sold at auction.

A deal was concluded within four days where the 40ac were sold for a price reflecting that paid for the Ratharoon farm.

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Irish Independent